Bangladesh Seeks ECB Help to Recover Allegedly Laundered Billions

Dr. Muhammad Yunus, Chief Advisor of Bangladesh's interim government, has sought help from European Central Bank President Christine Lagarde to recover billions of dollars allegedly laundered by wealthy cronies during the autocratic rule of Sheikh Hasina.

The meeting between Dr. Yunus and Lagarde took place on January 22 at the World Economic Forum in Davos, Switzerland. During their discussion, Dr. Yunus described the alleged heist as 'massive' and stated that these tycoons first seized control of banks before defaulting on loans they had taken.

According to Dr. Yunus, approximately $17 billion was laundered from the country's banking sector alone during Sheikh Hasina's 15-year rule, with an estimated $16 billion smuggled out annually. Lagarde expressed her support for the interim government's initiative and suggested that Bangladesh could seek assistance from the International Monetary Fund (IMF) to facilitate recovery and repatriation of the stolen funds.